What are my options for a Chapter 13 bankruptcy repayment plan?

A Chapter 13 bankruptcy repayment is a good way for a debtor to get out of an overwhelming financial situation and protect assets at the same time.

Chapter 13 Repayment Plan Options

According to bankruptcy law, all Chapter 13 repayment plans should be between 36 and 60 months, giving a debtor three to five years to repay any remaining debts. In most cases, the debtor is allowed to come up with a repayment schedule, but the court has discretion in granting it. If you cannot come up with a schedule, then the court may appoint the job to the trustee.

Because the debt payments are all rolled into one monthly payment, it can really simplify dealing with debts. It is important to pay payments timely, and if you ever have difficulty, you should immediately notify the bankruptcy trustee to ensure that your plan is not disrupted. Your bankruptcy is not final until your repayment is fully finished.

Getting Legal Advice

Because bankruptcy involves the complex interplay of the court system, the law and creditors, hiring an experienced bankruptcy attorney can make your life easier during this difficult time. Bankruptcy is stressful; getting the legal expertise you need will ease your mind and help get the process over with as quickly as possible so you can move on with your life.